Activist investor builds stake in Bio-Techne, pushes for sale

Ananym Capital Management has built a stake in Bio-Techne Corp (TECH) and is pressing the company's board to launch a strategic review that would include weighing a potential sale, according to a letter reviewed by Bloomberg News.

In the letter, which was addressed to Bio-Techne's board, Ananym argued that the life-sciences tools maker has underperformed both its industry peers and the broader market, and that a sale to a larger rival would generate more value than the company could achieve on its own.

"While we are a new investor, shareholders have suffered for years as the company has continued to destroy value," Ananym wrote. "A failure to act now risks further value destruction and even permanent capital impairment, which the board has a duty to avoid by exploring all potential paths to preserving and enhancing value."

A representative for Bio-Techne did not immediately respond to a request for comment.

Bio-Techne, based in Minneapolis, makes equipment used in life-science research, diagnostics and bioprocessing. Its shares have fallen 8.2 per cent this year, leaving the company with a market value of $8.45bn.

Ananym said Bio-Techne possesses unique, high-quality assets and strong customer relationships, but that its organic growth has lagged behind peers and that investments in adjacent business areas have weighed on operating margins without contributing to growth. The life-sciences tools sector has undergone significant consolidation in recent years, the fund noted, with larger players paying substantial sums for assets similar to Bio-Techne's.

A bigger acquirer, Ananym argued, would be able to unlock cost, revenue and platform synergies that are not available to Bio-Techne as a standalone company, while also providing greater resources and scale to support growth. "Bio-Techne is one of the highest-quality assets remaining in the life sciences tools industry, with a portfolio highly complementary to the leading scaled platforms," the fund said.

Ananym is also calling on the board to appoint independent financial advisers and add new directors.

The New York-based fund was founded in 2024 by chief investment officer Alex Silver, a former partner at P2 Capital Partners, and head of engagement Charlie Penner, a former partner at Jana Partners who also led shareholder activism at Engine No. 1. Ananym manages about $350mn in assets, with Bio-Techne among its largest holdings.

The fund has also targeted nuclear technology company BWX Technologies Inc (BWXT), urging it in May to develop commercial nuclear reactors, as well as German power equipment maker Siemens Energy and energy technology group Baker Hughes.